The minister made the statement at the “After 20 Years” show on Pro TV, but did not wish to provide more details.
The measures aimed at giving an impulse to spending will be discussed with the IMF and the European Commission. If approved, they will be announced by the Prime Minister at the beginning of next year.
Despite public sector workers’ salaries being restored to their 2010 level and despite the pension increases, the almost EUR1 billion in overall added income did not lead to a rise in consumption.
In fact consumption fell 0.3% in the first ten months of this year against the similar period of last year. This has kept domestic economic activity from growing, with the state having poor revenues from tax collection.
Internal consumption did not grow because the additional income was used to pay bank installments and the banking system did not bring the money back into the economy, said the minister, quoted by MEDIAFAX.
“It is true that income has increased, but consumption has not. We believe the additional money went into the banking system, for the payment of bank installments, and has not come back, lending has not worked.”
Although Romania has boasted economic growth above expectations this year, the growth is mainly driven by exports and agriculture. In the first nine months, Romania’s GDP rise was 2.7%. Voinea says he expects economic growth of almost 3% for the full year.
(English version by Daniela Stoican)